Costco agrees with creditors and banks on MDL swipe fee

By Margaret N. Yarbrough Last updated Jun 18, 2022

By Dave Simpson (June 17, 2022 at 9:09 p.m. EDT) — Costco told a New York federal court on Friday that it had reached a settlement to end its direct claims in a 17-year-old multi-county litigation, in the Visa, Mastercard and several banks that collectively maintain a set of anti-competitive rules that result in merchants paying high transaction fees.

In a joint clause signed by Costco Wholesale Corp. and the defendants, including Visa Inc., Mastercard Inc., Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co., the parties explained to the court that the wholesaler “all of its “settled claims in full” against all defendants, but not…

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Costco agrees with creditors and banks on MDL swipe fee

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